Ok here is my entry which I was making on what I saw as the first rollover after the close under that double-top valley. I got out earlier than I normally would have anyway based on price action (IRL distractions), but that wasn't my concern. The issue is defining when to be out and not jumping out early. Here is the chart. ~Cx
Cx, I see nothing wrong with your exit. Only mistake I see is you did not keep shorting the pop ups as soon as they were showing weakness. I had 4 adds on that chart. Anek
Yeah, funny I was talking to my family about that. I was like I know Anek is averaging up on all of these waves down hehe. So the exit was ok, but I only captured 4.25 points of a 20-25 point move. So I guess I am seeing three options: 1) Exit when price starts making HH/HL per bar and re- enter on next pullback. 2) Do not exit on per bar reversal, instead trail or move my stops to protect profits and try to stick with the trade until it retraces through last swing high/low (*with the option of average up*). Just looking at the chart right now, I don't see real conviction as to why I should have been out of my short position until 10:44 where price based for around 20 minutes. Even then, price was unable to take out the last swing high and continued lower until the last swing high was finally taken out at around 1444.00 around 11:40. Option 2 seems like the more sensical approach to take, but then the question becomes how would you trail / move stops to protect profits but not get stopped out when you shouldn't? Seems logical to just keep moving stop above/below the last swing high/low in the overlying trend (not including all of those incredible 70-80 degree burst moves that reverse hard and heavy). Let me know what you think and how you approach this with protecting profits, etc. ~Cx
Cx, It's up to you, as long as it's based on price action, you will do fine. In time you will learn peculiar characteristics like the smaller the retracement below resistance the more strength there is therefore the more brutal the breakout. Stuff like that. NQ has been like kindergarden today. Downtrend, obvious reversal formation, uptrend. WTF, thank you market! Anek
Major newbie loving the thread here. I missed the initial part of the down trend(ES) and for some reason I could not back fill the first 45 min of the day. It drove me crazy. So I didn't see any opps that stood out as the trend progressed. I then saw chop at around 10:50 est on 10000 volume candle. And then the trend reversed. On the pullbacks I am very cautious to enter because I have a hard time seeing indications for a continuation. But when I look at my 5min candle setup I saw after the fact a 123bar reversal that would have done nicely. (12:55 est). Are there signs you see to look at other time frames? Seems I get caught up in messy candles. If I answered my question I'd say I was at too high resolution. Something tells me that looking thru a magnifying glass may be a typical psychological problem.
Tech, I think using multiple timeframes looking for entry is the right way to do it. Either that or sit on your hands until you see a convincing setup. Patience is imperative in trading. As far as time based charts, some traders use them well, I find very little value in them so whatever helps your trading. I just hate long bars, unless you are watching them with time and sales what's inside them can be very hard to spot. Anek
Nevermind. Confused me because some guys use "resistance" for either side. Guess you'd have said "support" if you were referring the downside eh? Anyway, love all this feedback. Really confident looking forward on my trading, moreso with your help & experiences. Thanks Anek, you da man. ~Cx P.S. What size/brand monitor you running? Looking at something along the lines of a 30" LCD pretty soon here from Samsung (Syncmaster 305t or Dell(UltraSharp 3007WFP-HC ). They seem to be two of the best from my research. Anyone else who has had experience with these bigger LCD monitors do share your wisdom.
Some people feel they need a bigger penis to make love I feel comfortable with my 15" laptop of course more goodies help. :eek: Did that analogy make sense ? I use an HP2335 LCD with a state of the art PC updated (roughly every 6 months) for trading and a Laptop for chatting/forums/fun/music. Ironically I have 5 systems in "mission control" and about 8 LCDs but I have traded on the road with the laptop and you know what, I did just fine, maybe harder on the eyes but that's about it. In fact, I have no idea why I got all these systems, I certainly don't use them all for trading but since I purchase one so often they pile up. Should donate some to local public schools with needs. I know one of them will soon become a movie entertainment system for the kids, convert the DVDs into ISOs. Those little bastards wipe their asses with their discs, must act before they are all ruined. Sorry for the prosaic post, one too many stouts today on a very profitable trading day Anek